IS GOLD FINALLY GOING TO GET ITS FINAL WASHOUT I HOPE???

What the hell happened over there today?! I woke up and saw the metals were about the same price as when I went to bed last night. Then I noticed the lows!! What was that plunge?! Then the spike back up was insane.

Unfortunately I hit a lot of my stops with that drop so I lost a lot of my gains (I had got pretty aggressive in my positions!)

But you still think 1240 for gold?

Oh wow, you got stopped out. I was out most of the day and so I am still trying to get caught up news - wise but trying to quantify the move I see the dollar really looks to have made a short term top combined with more dovish babble from the FED. It was all going to happen anyway so the news is just a catalyst I guess.

Well, $1240 is a start. We're so crazy oversold a bounce was bound to happen. I'll keep an eye on it but it'd be easy to just miss the entire move on this one. I still think we roll over to new lows. Maybe I am the ultimate contrarian indicator.

Check out the fricken volume in the miner ETFs. OMG. HUGE. Im taking a long position tomorrow morning. The inverse ETFs have a reversal candle that looks HORRIBLE. I doubt that gets corrected in a day or 2. So, a small trade AT LEAST should be right in front of us IMO. HUI hit 183ish and thats close enough to the 180 support for me (going back to April 2005).

Reversal in the dollar:

[link to finviz.com]

Mmm I had a pretty big long silver position open with a trailing stop. So that plunge triggered that stop, my Gold positions held with stops set at 1203, so that bounced back nice.

I'm betting that metals will push up towards the 13 handle for gold before they reverse. But what do I know! I think I need to be more conservative this time around, cashing in more profits on the way up and slowly backing out. All it will take is another surge in the dollar and I'll lose all my gains!

If we make it up to $1300+ on gold it will be a fantastic run for leveraged miners! I hope so. I run high % stops on the miners. I dont mind eating a few stops to catch one nice run. No prob at all for me. Gnash my teeth and move on. lol

Just bought a 1000 shares in barrick, holding long.

So with our hit in the 16's in silver and the dips with the reversal of the dollar trend do you think that the bottom may have been hit?

I'm still on the sidelines. I didnt have the cojones to buy back in this morning. What worries me is the stock market appears to be deteriorating
led by the small caps (going on for a long time now and getting worse) and if they plunge I think miners could temp fall out of bed. So I want to buy but am just watching for now.

I dont think so. After a small bounce I still think both gold and silver & miners will roll over to new lows.

I hope so I have been increasing other preps and my buying during this dip has slowed down...

Down $700. Feeling a little dizzy. Will hold!

You use stops right?

Anyone buying here is outright stupid, sorry. You think the big guys will let Gold triple-bottom at 1180? Give me a break. Sunday night Gold dropped so steeply it could have easily broken right through, but I'm sure they didn't want that and hence up we went. For 4 days now.

We need more firepower to drop hard and hence new idiot spec longs have to be sucked in first. That's what this bounce is good for. Clearing out oversold technicals, that's all.

Just look at how poor gold performed today with the S&P dropping a whopping 40 points. Think we are in a new bull market yet? Guess what, you are gonna get fleeced again soon.

I say the bottom will be around $800-1000, below $1000 many will finally throw in the towel (which is stupid, who would seriously believe that gold just keeps dropping to silly levels?) and that's why we will go there.

It's really as simple as that. You just have to understand psychology. As long as we haven't had complete annihilation a new bull market will not begin.

And btw, give the Dollar a break, it had quite a run (straight up in a line for months), so of course it has to rest for a while.

Not at all. As I said I buy and hold for long durations, months to years.

That's fine then, because gold will probably be at $3500-5000 in 5 years.

Ok, yeah your fine. From what I've gleaned miners should go up big time after the final washout. I'll bet money the lows wont last but for a moment and they'll snap back almost immediately. Then it'll be a real bull market anyway.

Pretty happy with the way miners snapped back today and recouped half the days losses. Also a down day with less than half of yesterdays volume is good me thinks. Will be interesting to see if we can close green tomorrow to end the week. I almost bought some miners in the last hour but didnt.

Sweet, I go to sleep just as the us markets open - I learnt my lesson this time, tightened ups tops on my big positions and put in some close trailing stops. Woke up this morning in a pretty good spot.

I had a few short positions on for the indices so that did well. So I'm up a tidy profit from the 1185 low... Now to just make sure I don't get to caught up with the bounce!

starting to look like it, to me. so cue 2008/lehman bros again in a month or 2?

Its good be stopped out with nice profits! You can always jump back in if need be.

I'd love to see the stocks markets roll over and correct by 20% or 30%. That'd likely bring about the washout and then very tradable miner rally.

Actually impressed with the close of the miners today - considering the stock markets bloodbaths. IF we can get a bounce in the broad markets we should get an upward surprise from miners next week.

Im back in. Miners managed a gain today in spite of yet another rout in the stock markets. I'm betting on the broad markets getting a bounce in here soon and it could be a doozy.

Well this broad market sell off might be more than I bargained for.



The oil sell off should be good for miners methinks.

Well I guess I am talking to myself but just in case any PM tards visit this thread it looks like the metals and miners finally bucked the broad market rout. Methinks this is very good news.

Wasn't gold under $300/oz around 2000-2002? (as I remember)

Yes, and oil was $10 per barrel in the late 90s. But unless we see oil there again (and other mining costs miraculously collapse to similar levels) we'll never see $300 gold again. Also, there was a lot more easy gold to be mined back then and that stuff is long gone. New high quality gold mines take decades to come on line. I think i just read 17 years on average.

feeling a little better as of today

aVian